Event-Betting Platform Polymarket to Pay $1.4 Million U.S. Fine
- Regulator alleged firm had offered illegal wagers using crypto
- Polymarket also to ‘wind down’ offerings that violated rules
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Polymarket, an online platform for betting on politics, economic indicators and other real-world events, will pay $1.4 million to settle U.S. regulators’ allegations it offered illegal trading and must “wind down” contracts people use to wager.
The firm, whose popularity surged during the pandemic, has been running an unregistered platform that lets people bet on the outcome of events since around June 2020, the Commodity Futures Trading Commission said in a statement Monday. Polymarket didn’t admit or deny wrongdoing in the settlement.